FEC Meeting: Buhari Approves Fresh $1.2bn Loan For Agricultural Mechanisation
Thompson Nsisongabasi
May 14, 2020
The reduction of the 2020 budget due to a fall in crude oil prices and COVID-19 Pandemic has also affected the agricultural sector of the country as the president is seeking to borrow a fresh one point two billion dollars loan.
READ ALSO: Abia Govt Gives EFCC 7 Days To Remove Offensive Notices
AFNews understands that the new loan will finance the mechanization of agriculture in the country.
READ ALSO: Sowore's Miscalculation and the Need to beat a Wise Retreat
Speaking after the first virtual Federal Executive Council, the Minister of Agriculture and Rural Development, Mr. Sabo Nanono, said President Muhammadu Buhari approved the loan facility of $1.2 billion to finance the mechanization of agriculture in the country. Nanono also said the planned mechanization of agriculture would span across 632 local governments.
"Today, we presented a joint memo with the Federal Ministry of Finance in which we seek the approval for a loan facility of about 950 million Euros translated probably to 1.2 billion dollars."This loan is for the purpose of agricultural mechanization in this country -that will cover about 632 local governments plus 140 processing plants.
READ ALSO: Why El-Rufai Was Returned To ICPC Custody?
"This is going to be a major revolution in the agriculture sector, that we have never seen before,'' he said.
Related Stories
REVEALED: How All Progressives Congress (APC) Played Into The Opposition Hands Ahead Of 2027 - Sumner Sambo Warns
I Will Not Allow Criminality As President, Peter Obi Declares
Why El-Rufai Was Returned To ICPC Custody?
Sowore's Miscalculation and the Need to beat a Wise Retreat
Tinubu Breaks Silence on Hardship, Inflation, Power Crisis - Vows Nigeria Will Overcome Economic Storm
"Terrorists Have Outgunned Our Troops" - Ndume Raises Alarm Over Boko Haram War, Sends Urgent Message To Tinubu
""
— Thompson Nsisongabasi